Before the recession, credit unions sometimes skimped on requiring business borrowers to provide legal opinions for transaction fundamentals, attorney Dustin DeVore told an educational session audience during a Feb. 11 Metropolitan Area Credit Union Management Association meeting in Rosslyn, Va.

DeVore, a partner with the Hampton Roads, Va.-based firm Kaufman & Canoles, said now that credit unions have experienced member business lending losses, and as they do more business lending, the use of legal opinions will emerge as a trend. Large credit unions that are active in business lending probably have a legal opinion policy in place, requiring such as part of MBL due diligence for loans of $1 million or more, he added.

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